China is officially entering a “new normal” era for its economy. After the slowdown of growth, the economy is rebalancing. The world turmoil has probably accelerated the adjustments but nevertheless, China is entering a new phase and must avoid the so called middle-income trap. The trade engine is less efficient and the government has implemented policies to boost the domestic demand. China is facing a demographic transition with an ageing population and the society is asking for more social security, more pensions but also more environmental safety. The domestic economy is deeply changing with the service domination in the output, the upgrading of industrial production and the unfinished reforms of state enterprises and of the financial sector.